At a glance
TFJL charges 0.79% a year, above the 0.2% average of the 7 funds most like it (the 7th cheapest of 8). It has $17.7M in assets, the 8th largest of that group. Over the past year it returned −7.0% with distributions reinvested, 6th of those 8 funds; over three years it returned +0.8% a year. At its worst it fell 14.9% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The short version
Innovator 20+ Year Treasury Bond 5 Floor ETF - July (TFJL) is linked to long-term US Treasury bonds and uses a “floor” design. This is an options-based approach meant to limit losses over set outcome periods. Cost and results set it apart: its 0.79% annual fee compares with a 0.2% average for similar Treasury funds, and the floor did not prevent a 24.6% drop from December 2021 to October 2026.
Price history
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TFJL -7.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| TFJL price data to Oct 27, 2026 | -2.8% | -7.0% | +0.8% | -4.2% | — | -3.6% |
- Over the year to Oct 27, 2026, TFJL returned -7.0%, 6th of 8 among similar funds.
- Its 5-year annualized return was -4.2%.
- Its worst full calendar year was 2022 (-17.2%); its best was 2023 (+8.2%).
- The deepest fall in its price history was 24.6% (Dec 3, 2021 to Oct 7, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -2.8% |
| 2025 | -0.8% |
| 2024 | -6.8% |
| 2023 | +8.2% |
| 2022 | -17.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 14.3% over that stretch · deepest drop along the way 14.9%, not recovered by the end of the data |
How it works
We could not find TFJL in SEC records by ticker or name, which can mean the fund was renamed, so its exact terms are unconfirmed. “20+ Year Treasury Bond” in its name points to US government bonds maturing in 20 years or more. A “floor” fund generally pairs that exposure with options, which are contracts giving the right to trade an asset at a set price by a set date. The options are arranged so that losses beyond a floor level, here signaled by the “5”, are absorbed over a set outcome period. In exchange, gains over that period are usually capped. “July” suggests when each period begins.
The floor applies only to someone who holds from the first day of an outcome period to the last. Partway through, the price can sit below the floor level, fees reduce results, and losses in back-to-back periods add up. The record shows this: TFJL lost 17.2% in calendar 2022 and fell 24.6% from December 3, 2021, to October 7, 2026, with no recovery as of October 27, 2026.
Beneath the options, ordinary bond math applies: bond prices move opposite to interest rates, and long maturities react the most. The cap, floor and period dates drive outcomes, so Innovator's latest fund documents are worth reading before relying on any of them.
What it really costs
- TFJL charges 0.79% a year, versus an average of 0.2% for the similar funds below (7th of 8, cheapest first).
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It offers long-term Treasury exposure that has moved little with stocks (a one-year beta, or stock-market sensitivity, of 0.13 as of October 27, 2026), though it fell alongside them in 2022.
TFJL may add bond exposure that moves largely apart from stocks. But it did not cushion the 2022 stock market slump: it fell 14.9% from January 3 to October 10, 2022, and had not regained that peak as of October 27, 2026. Its price history starts in February 2021, so it has no record for the 2008 or 2020 crashes. Its worst calendar year was 2022, down 17.2%, and its deepest drop, 24.6%, was still unrecovered. Anyone drawing on it in a bad stretch could have to cash out shares near a low.
No distributions are on record, so it does not supply income. Its 0.79% annual fee compares with a 0.2% average for similar funds. With $17.7 million in assets, it is also the smallest fund in its comparison group. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want long-term US Treasury exposure with a floor meant to limit losses, and who can hold through full outcome periods.
- Portfolios seeking a holding with little tie to stocks; TFJL's one-year beta, a measure of stock-market sensitivity, was 0.13 as of October 27, 2026.
- Investors who value a defined loss floor enough to pay a 0.79% annual fee, well above the 0.2% average for similar Treasury funds.
Look elsewhere if
- Retirees who want regular income from their bond holdings: no distributions are on record for this fund.
- Cost-focused investors: VGLT, SPTL and SCHQ are long-term Treasury funds charging 0.03% a year, against TFJL's 0.79%.
- Anyone expecting losses never to exceed the floor: TFJL lost 17.2% in 2022 and fell 24.6% from its December 2021 peak.
Close alternatives
Matched by legacy category (no holdings report for this fund).
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| TFJL this fund | 0.79% | $17.7M | -7.0% | +0.8% |
| TLT iShares 20+ Year Treasury Bond ETF | 0.15% | $52.80B | -5.3% | +2.1% |
| VGLT Vanguard Long-Term Treasury ETF | 0.03% | $14.40B | -4.4% | +4.2% |
| SPTL SPDR Portfolio Long Term Treasury ETF | 0.03% | $11.80B | -6.0% | +3.9% |
| EDV Vanguard Extended Duration Treasury ETF | 0.05% | $4.70B | -11.8% | +2.0% |
| TLTW iShares 20+ Year Treasury Bond BuyWrite Str… | 0.35% | $1.20B | -2.5% | +5.4% |
| SCHQ Schwab Long-Term U.S. Treasury ETF | 0.03% | $941.7M | -5.8% | +4.0% |
| TBJL Innovator 20+ Year Treasury Bond 9 Buffer E… | 0.79% | $33.3M | -7.3% | +2.0% |
Questions investors ask
Does TFJL limit losses to 5%?
Not over every stretch of time. The “5 Floor” name signals a design that uses options to limit losses beyond that level over a full outcome period. Someone who joins mid-period, or measures over other dates, can lose more, and fees reduce results. TFJL lost 17.2% in 2022 and fell 24.6% from December 3, 2021, to October 7, 2026. We could not confirm its exact terms in an SEC filing.
Does TFJL pay monthly dividends?
No. No distributions are on record for TFJL, monthly or otherwise, so it has no yield to report. That sets it apart from plain long-term Treasury funds, which generally pass along bond interest. This matters for retirees who rely on a bond fund for regular cash. Any money taken from TFJL would have to come from cashing out shares, and the fund lost 7% over the year to October 27, 2026.
What's the difference between TFJL and TLT?
TLT, the iShares 20+ Year Treasury Bond ETF, is a plain long-term Treasury fund charging 0.15% a year. TFJL adds an options-based floor design and charges 0.79%. TLT is far larger, with $52.8 billion in assets against TFJL's $17.7 million. Over one year, TLT returned -5.4% as of October 30, 2026, and TFJL returned -7% as of October 27. Over three years, TLT averaged 3.5% a year and TFJL 0.8%.
What's the difference between TFJL and TBJL?
Both are Innovator funds tied to 20+ year Treasury bonds, with July in their names and a 0.79% fee, but they protect differently. A buffer, like TBJL's, generally absorbs the first losses up to a set level and leaves the holder exposed beyond it. A floor, like TFJL's, leaves the first losses with the holder but limits losses past the floor. As of October 27, 2026, TBJL returned -7.3% over one year and 2% a year over three; TFJL returned -7% and 0.8%.
Is TFJL good for retirement?
It can play a narrow role, with clear trade-offs. TFJL offers long-term Treasury exposure that has moved little with stocks, with a one-year beta of 0.13 as of October 27, 2026. But it has no recorded distributions and charges 0.79% a year. It fell 14.9% during the 2022 stock slump and had not recovered its December 2021 peak. It is small, with $17.7 million in assets, and we could not find it in SEC records under this name, which can signal a renaming.